7 unchanged sentences
These factors include fluctuations in the price of the Canadian Dollar, as the value of the Shares relates directly to the value of the Canadian Dollars held by the Trust and price fluctuations could materially adversely affect an investment in the Shares.
−Removed: Readers are urged to review the “Risk Factors” section contained in the Trust’s most recent Annual Report on Form 10-K, together with the modified risk factor included in Item IA of this report, for a description of other risks and uncertainties that may affect an investment in the Shares.
+Added: Readers are urged to review the “Risk Factors” section contained in the Trust’s most recent Annual Report on Form 10-K, for a description of other risks and uncertainties that may affect an investment in the Shares.
Neither Invesco Specialized Products, LLC (the “Sponsor”) nor any other person assumes responsibility for the accuracy or completeness of forward-looking statements contained in this report.
6 unchanged sentences
The Trust issues shares (the “Shares”) in blocks of 50,000 (a “Basket”) in exchange for deposits of Canadian Dollars and distributes Canadian Dollars in connection with the redemption of Baskets.
−Removed: The investment objective of the Trust is for the Shares to reflect the price in USD of Canadian Dollars plus accrued interest, if any, less the expenses of the Trust’s operations.
+Added: The investment objective of the Trust is for the Shares to reflect the price in USD of the Canadian Dollar plus accrued interest, if any, less the expenses of the Trust’s operations.
The Shares are intended to offer investors an opportunity to participate in the market for the Canadian Dollar through an investment in securities.
25 unchanged sentences
The Sponsor is not aware of any known trends, demands, commitments, events or uncertainties that will result in, or are reasonably likely to result in, material changes to the Trust’s liquidity and capital resources needs.
−Removed: The Trust’s Depository, JPMorgan Chase Bank, N.A., London Branch, maintains two deposit accounts for the Trust, a primary deposit account that may earn interest and a secondary deposit account that does not earn interest.
+Added: The Trust’s Depository, JPMorgan Chase Bank, N.A., London Branch, primarily maintains two deposit accounts for the Trust, a primary deposit account that may earn interest and a secondary deposit account that does not earn interest.
Interest on the primary deposit account, if any, accrues daily and is paid monthly.
−Removed: The interest rate in effect as of September 30, 2025 was an annual nominal rate of 0.71%.
−Removed: The following chart provides the daily rate paid by the Depository since September 30, 2020:
+Added: The interest rate in effect as of March 31, 2026 was an annual nominal rate of 0.51%.
+Added: The following chart provides the daily rate paid by the Depository since March 31, 2021:
In exchange for a fee, the Sponsor bears most of the expenses incurred by the Trust.
9 unchanged sentences
These estimates and assumptions affect the Trust’s application of accounting policies.
−Removed: In addition, please refer to Note 3 to the financial statements of the Trust for further discussion of the Trust’s accounting policies and Item 7 – Management’s Discussions and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates included in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 26, 2025.
+Added: In addition, please refer to Note 3 to the financial statements of the Trust for further discussion of the Trust’s accounting policies and Item 7 – Management’s Discussions and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates on Form 10-K for the year ended December 31, 2025, as filed with the SEC on March 2, 2026.
There were no material estimates, which involve a significant level of estimation uncertainty and had or are reasonably likely to have had a material impact on the Trust's financial condition, used in the preparation of these financial statements.
Results of Operations
−Removed: During the three and nine months ended September 30, 2025 and 2024, the Trust's net comprehensive income (loss) was, in part, impacted by market volatility resulting from global tariff gyrations and mounting U.S.
−Removed: economic uncertainty for 2025, and expectations around the Federal Reserve (the “Fed”) easing and heightened geopolitical concerns for both 2024 and 2025, which are considered to be unusual or infrequent events.
−Removed: Although the full and direct impact of global tariffs, U.S.
−Removed: economic concerns, Fed easing expectations and rising geopolitical tensions, on the Trust's net comprehensive income (loss) during the three and nine months ended September 30, 2025 and 2024, cannot be known, it is believed that they have each independently impacted the Closing Spot Rate, the interest rate paid by the Depository, and the global economy and markets generally, including the number of Shares created and redeemed by the Trust.
−Removed: The Canadian Dollar (CAD/USD) declined in the third quarter of 2025.
−Removed: Weak employment data, a softer inflation print, a large miss in the second quarter of 2025 annualized GDP, and tariff-related headwinds all weighed on the CAD.
−Removed: The Bank of Canada also cut interest rates by 0.25% in September.
−Removed: While USD weakness provided some support it the first half of the year, the dollar’s regained strength during the quarter added additional pressure on the CAD.
−Removed: Furthermore, with Canada being a major oil exporter, falling energy prices amid mounting concerns about an upcoming global oil supply overhang continued to keep the ceiling on the pair.
−Removed: The Canadian dollar (CAD/USD) ended the third quarter of 2024 higher, largely due to the downturn in the US dollar;
−Removed: the Fed officially kicked off its easing cycle in September.
−Removed: However, the downturn in energy prices limited the upside given Canada is a major crude oil exporter.
−Removed: A subdued Canadian economy has also been a headwind for the CAD and has increased the call for a supersized rate cut;
−Removed: the Bank of Canada has already eased three times this year, for a total of 0.75% of cuts.
−Removed: The Canadian Dollar (CAD/USD) appreciated in the first three quarters of 2025, mainly supported by a weaker US dollar.
−Removed: The majority of the gains occurred in the second quarter, when stronger Canadian inflation data lowered the chances of the Bank of Canada cutting rates, which boosted the CAD even amid challenges from weaker energy prices.
−Removed: Q3 pared some of these gains as a deteriorating macro backdrop paved the way for the resumption of the Bank of Canada's easing cycle, and the USD gained some ground.
−Removed: However, sustained weakness in oil prices weighed on the CAD for the entirety of the period, outweighing the positive impact from USD depreciation.
−Removed: The Canadian dollar (CAD/USD) ended the first three quarters of 2024 lower, mainly due to US dollar strength and weak energy
−Removed: The Fed’s higher-for-longer rhetoric and US economic resilience pushed out expectations for rate cuts in the first half of the
−Removed: higher rates generally provide support for the country’s currency.
−Removed: While rising energy prices due to geopolitical tensions did
−Removed: limit some of the downside in the first quarter of 2024, this became a headwind in the second and the third quarter of 2024 as crude oil
−Removed: was pressured at first by recession concerns, and then low refining margins decreasing crude demand, the bearish Trump trade,
−Removed: expectations for a supply glut in 2025, and the OPEC spare capacity overhang.
−Removed: Geopolitical risk premium also faded with no real
−Removed: supply disruptions playing out.
−Removed: Additionally, the interest rate paid by the Depository has generally trended downward over the past year to the current interest rate of 0.71%, as set forth in the FXC Rate Chart above.
+Added: During the three months ended March 31, 2026 and 2025, the Trust’s net comprehensive income (loss) was, in part, impacted by periods of market volatility associated with evolving global macroeconomic and geopolitical conditions, which are considered to be unusual or infrequent events.
+Added: For the three months ended March 31, 2026, these conditions included heightened geopolitical tensions, ongoing trade and fiscal policy uncertainty, and shifting expectations regarding the pace and timing of monetary policy actions by central banks, including the Federal Reserve.
+Added: For the three months ended March 31, 2025, contributors to market volatility included concerns surrounding global economic growth, inflation dynamics, and expectations related to potential changes in monetary policy Although the full and direct impact of these conditions on the Trust's net comprehensive income (loss) during the three months ended March 31, 2026 and 2025, cannot be known, it is believed that they have each independently impacted the Closing Spot Rate, the interest rate paid by the Depository, and the global economy and markets generally, including the number of Shares created and redeemed by the Trust.
+Added: The Canadian Dollar (CAD) received some support during the first quarter of 2026 from higher energy prices, reflecting Canada’s role as a major energy exporter.
+Added: Despite this tailwind, the Fund posted negative performance as broad gains in the U.S.
+Added: dollar placed sustained pressure on the currency.
+Added: While short‑term Canadian interest rates continued to generate income and helped offset expenses, they remained below U.S.
+Added: rates and provided limited support.
+Added: At the same time, geopolitics‑driven risk‑off sentiment reduced investor appetite for the typically more risk‑sensitive CAD.
+Added: As a result, U.S.
+Added: dollar strength ultimately drove a modest decline in Fund performance during the quarter.
+Added: The Canadian Dollar ended the first quarter of 2025 flat.
+Added: dollar weakness due to recession and stagflation concerns, tariff tensions with the US and plunging oil prices kept the lid on gains.
+Added: With Canada being one of the first targets of President Trump’s tariff policies, the country’s economic outlook soured.
+Added: Furthermore, turmoil in U.S.
+Added: financial markets led to a broader risk off move that included commodities, which negatively impacted the CAD given the country is a major energy exporter.
+Added: Additionally, the interest rate paid by the Depository has remained flat over the past year to the current interest rate of 0.51%, as set forth in the FXC Rate Chart above.
As long as the interest income, if any, exceeds the Sponsor's fee and the interest expense on currency deposits, the Trust will incur a net comprehensive income.
3 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.